Turnover u/s 44AB if I.T.Act
This query is : Resolved
CA Sanjay Baheti
(Querist)
29 September 2010
WHETHER THE VALUE OF PREPAID SIM CARDS IS TREATED AS TURNOVER UNDER THE SECTION 44AB OF THE INCOME TAX ACT OR ONLY COMMISSION HAS TO BE DECLARED?
Aditya Maheshwari
(Expert)
29 September 2010
Depending upon the nature of business.
Aditya Maheshwari
(Expert)
29 September 2010
Applicability to commission agents - If the commission agent does not sell the goods of his principal as his own and only charges commission for bringing two persons to holy marriage of sale and purchase, then he will not come within the ambit of section 44AB, except when his professional receipts exceed Rs. 10 lakhs - Abhay Kumar & Co. v. Union of India [1987] 164 ITR 148 (Raj.).
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